Theories of economic fluctuation, income determination, international trade, and economic growth are introduced. Additional topics include the role of the banking system in the economy and monetary and fiscal policies for economic stabilization.

Theories of resource allocation and income distribution, value and the price system, problems of individual firms and industries, and rationale for government regulation of business and labor are examined.

The origin, organization, and performance of modern theories of capitalism, communism, planned socialism, and market socialism are presented. Contemporary economies of the United States and selected countries from Eastern, Central, and Western Europe, South America, and Asia are considered. Prerequisites: ECON203 and ECON204 or consent of instructor.